Paul Vu Reusser ENGL Comp 1113 8AM 23 June, 2014 Environmental Danger Have you ever wondered how some oil companies get natural gas? There are numerous ways to obtain oil from the ground. Most people require natural gas in their everyday life. It has become more common, cheaper, and cleaner energy source. One of the ways to get it is called fracking.
Along with a possibility of creating a large job market here in the U.S. with upwards of 600,000 people needing to operate this endeavor, we could take back our economy. The con for this is that it is still too new for us to determine what it can do to the land around where the fracking is taking place. There have been reports of water contamination as well as earthquakes due to displacing tectonic plates. There needs to be a more conclusive study done in order to determine whether or not oil and gas companies should be allowed to engage in fracking. At this time, I could not conclusively say yes or no to allowing fracking in the U.S. 2.
Chapter 3, Exercise 1: The assumptions are based on the determinants of supply due to the demand of gasoline being indefinite until a substitute or another factor changes the product and/or market. While researching the metropolitan area of Houston, Texas and the fluctuations in gasoline prices; the findings were a surprisingly slow, steady, constant downward slope for the last month. The factors believed to contribute to the findings were: cost of resources, number of sellers and expectations. When thinking of the rising prices of gas, people simply associate it with the famous crude oil per barrel prices exposed in the media. The price for the barrels averaged at a high of $105 in the first week of May and the price of a gallon in Houston was at a decreasing $3.74 from $3.89 about three weeks ago.
Year 12 HSC Chemistry Notes (Conquering Chemistry) Module 1 – production of Materials Ethylene, polymers and ethanol * Fossil fuels – energy rich substances formed in the Earth’s crust under intense heat and pressure millions of years ago. Originally remains of marine organisms, they were converted into petroleum that is trapped near the Earth’s surface. Fossil fuels can be extracted and refined to provide energy, and the building blocks of crude oil can be used to create numerous materials for human use e.g. ethylene. * Petroleum – mixture of hydrocarbons, consists of liquid crude oil and gaseous natural petroleum gas.
This is not the oil they are pumping out of Texas or the Middle East; it is dirty oil that has to be extracted and cleaned. This new process takes research, time and money to be successful. Even then it will still take a lot of man power to run all the equipment, which is an additional cost that I’m sure the consumer will inevitably be burdened
Not only will the massive amounts oil produced from this area have an effect, it is estimated to create anywhere from 250,000-735,000 jobs. Just for a reference as to how much this will boost the economy, since 1977 the North Slope oil development has pumped 500 billion dollars back into the economy. This is now slowly running out of resources considering it reached its peak production in 1980; however to continue boosting the economy more exploration needs to be done. (source 2) Action needs to be taken immediately because from the date of approval to exploration it takes anywhere from 7-12 years until the first barrel of oil is recovered. (Source 1/3) The 16 billion barrels of oil that lie untapped there would be more than enough to replace the oil Americans would purchase from Iraq for over 58 years.
It has averaged $3.50/mmBtu in recent years due to new fracking technologies and government subsidies (McElroy, Lu, 2013). This price drop has had a serious affect on supply and demand. Subsequently, there has been a major shift in the supply side of natural gas. This shift is primarily due to the massive influx of gas derived from fracking shale gas. Because of this, the United States will be in a position to begin exporting natural gas by 2035 (Friedman,
In the meantime while Canada was out of the oil market, a Norway has became an oil dominated exporter. Canada who by now, was depleted of an oil source, were forced to commence a trade agreement with the Norwegians from whom they now bought their oil from at a higher rate. One wrong move in decision making on whether to hold on to something or make a profit out could significantly change the countries economic position. Both economically and socially has NEP failed to assimilate in the land of Canada. (Bruce Winton, 2) The program was initially enacted to enhance the productions of oil, but instead, it has ceased it, and put its producer in huge
Bobby Carl Neal Peters English 102 26 April 2012 What a Fracking Opportunity The United States has an energy problem. We are dependent on Petro-dictators for the energy needed to fuel our economy. But recently, due to a new technology called hydraulic fracturing, or “fracking”, new estimates of accessible natural gas reserves have increased dramatically. Used throughout the United States and worldwide, this process has profitably unlocked Trillions (emphasis added) of cubic feet of natural gas here at home in just the past few years. Concern about this new technology spans the political divide.
Even though there are between 3.25 and 16 billion barrels of oil in all of ANWR (Arctic National Wildlife Refuge), it would take even more time, money and resources to extract it. The proposed area is only a fraction of ANWR, but would have a large impact and because the area is so small, many of the major oil companies have lost interest in drilling for oil in Alaska. Since the United States uses seven billion barrels of oil a year, or 19 million barrels a day, it would take only 24 days to use every drop of oil in the proposed area! And yes, I do understand that the United States needs to decrease its dependency on foreign oil, but drilling in Alaska is the wrong way to accomplish that. Instead of trying to figure out where to drill the next oil well, we should be finding alternative forms of energy.